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Lee Kyung-min

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Economy

Gov’t, banks launch petrochemical restructuring drive amid oversupply issues

A team of public-private entities have launched a financial assistance package to accelerate the restructuring of the petrochemical sector, in a move to improve national competitiveness amid a global supply glut, market watchers said Tuesday. Central to the coordinated efforts are attempts to salvage viable firms before they default, preventing systemic spillover into the chemical industry and the broader financial sectors. The once-booming manufacturing industry was one of the country’s key growth drivers, but is now undergoing seismic challenges due to the global drive towards carbon-neutrality and loss of competitive edge due to cheaper goods from China. There is considerable skepticism, however, since the industry has yet to come up with measures to reduce carbon emissions. Banks remain concerned about their deteriorating asset quality, brought on by the expanded financial assistance, a cause for regulatory penalties. Financial regulators say the regulatory standards will be eased accordingly. According to the Financial Services Commission (FSC), 17 banks and four state-run entities

Sep 30, 2025By Lee Kyung-min
Gov’t, banks launch petrochemical restructuring drive amid oversupply issues
Economy

Heat waves, cold snaps, heavy downpours lead to slower spending: BOK

Unusual climate events, including heat waves, cold snaps and heavy rain, led to a slower credit card spending, a Bank of Korea (BOK) report showed Monday. Card spending declined 7 percent during heat waves, 3 percent during cold snaps and 6 percent during heavy rainfalls when compared to normal days. Spending on in-person services such as dining out fell by 5 percent, 6 percent and 9 percent, respectively. Fridays saw the highest overall card spending, the report said, adding that Saturdays were when most in-person spending was concentrated. Weekday spending was more concentrated in business-related sectors such as health care and education. It also identified a “pent-up demand” effect whereby rain led to delayed spending rather than its outright cancellation. Spending increased above normal levels once the weather improved. Per-day household spending from Monday to Thursday averaged 144,000 won ($102), while the figure stood at 151,000 won on Fridays. It slid to 116,000 won on Saturdays and 92,000 won on Sundays. The report showed the weather impact was more pronounced on Fridays and

Sep 30, 2025By Lee Kyung-min
Heat waves, cold snaps, heavy downpours lead to slower spending: BOK
Banking & Finance

Woori Financial Group to extend $59 bil. to support AI, bio industries

Woori Financial Group plans to invest 80 trillion won ($59 billion) over the next five years to expand lending for artificial intelligence (AI) and other high-tech ventures, innovative small businesses and low-income and low-credit retail borrowers, the group said Monday. This is part of the group's Future Co-growth Initiative. The largest private-sector financial investment seeks to prioritize long-term, sustainable investment, moving away from household mortgage lending, which has long been criticized as the "easiest" way of generating revenue. Woori is the first private-sector investor to commit 10 trillion won for the Lee Jae Myung administration-led 150 trillion won National Growth Fund. Woori's contribution constitutes 13 percent of the 75 trillion won to be funded by the private sector. The financial group also plans to spend 1 trillion won in venture capital through its investment subsidiary, supporting budding high-tech startups from the launch of their business through to their initial public offering (IPO). It plans to lower borrowing costs for 550,000 people, including small

Sep 29, 2025By Lee Kyung-min
Woori Financial Group to extend $59 bil. to support AI, bio industries
Economy

Won’s weakening against dollar’s gain makes tariff deal, currency swap crucial

The Korean won has weakened to the range of 1,410 won per dollar, reflecting uncertainties over U.S. tariff negotiations and the proposed dollar-won currency swap, market watchers said Sunday. The escalating standoff over U.S. demands that Korea invest $350 billion in the world’s largest economy without a bilateral currency swap is expected to strain not only Korea’s foreign exchange (FX) stability but also the broader bilateral economic relationship. The finance ministry says meeting U.S. demands without an unlimited currency swap could trigger a currency crisis, since the cash-based investment would have to liquidate a substantial portion of the country’s foreign reserves of around $416 billion. This would depreciate the exchange rate further to 1,430 won per dollar or more, accelerating foreign capital outflows amid evaporating investor confidence in the country’s FX stability. According to financial market data, the Korean currency closed at 1,412.4 won against the dollar, its weakest rate since May 14, when the exchange rate surged past 1,420. The rate remained in the 1,380-1

Sep 28, 2025By Lee Kyung-min
Won’s weakening against dollar’s gain makes tariff deal, currency swap crucial
Economy

Koreans' income peaks at 45, falls into red at 61

The income of Koreans peaks at 45, and their spending begins to outstrip their incomes at 61, government data for 2023 showed Thursday. The study by Statistics Korea illustrates the intensifying financial strain of the nation's super-aging population, where older people spend more on health care despite a significant drop in their postretirement income. The older they become, the faster spending increases, according to the study. According to the statistics agency, Koreans were in deficit until 27, spending more than they earn, mostly on education and living expenses. In 2023, 16-year-olds had the largest annual deficit, with an average of over 44 million won, due to education costs. The income of Koreans begins to surpass their spending at 28, peaking at 45. Their annual average income stands at over 44.3 million won, with surplus coming to about 17.4 million won. However, the surplus declines beginning at the age of 45. The study also showed that working-age Koreans are increasingly bearing a financial burden to support both younger and older generations. Of the 1,232 trillion won income

Sep 26, 2025By Lee Kyung-min
Koreans' income peaks at 45, falls into red at 61
Economy

Weakening Korean won feared to dampen foreign stock investment

The Korean won has been losing ground against the U.S. dollar, weakening to around 1,400 won per dollar for the first time in four months, triggering concerns over an undermined foreign investor sentiment — a key driver behind the country’s recent stock market rally. The main bourse KOSPI continues to record all-time highs, underpinned by foreign investors buying semiconductor shares. However, the sharp depreciation of the local currency could slow this, since a weaker won translates to a smaller return when won-denominated assets are cashed out in U.S. dollars. Market watchers say the bullish KOSPI could face a correction, influenced by the risk-averse sentiment of foreign investors, who account for over 30 percent of stock holdings, the highest in more than a year. The won closed at 1,403.8 in after-hours trading at 2 a.m. Thursday, 11.2 won weaker from the daytime closing price. This was the weakest since May 14, when the figure hit 1,404.5 won. This is the first time the won slid to more than 1,400 won per dollar since May 16. The won closed at 1,400.6 won on Thursday afternoon, 3

Sep 25, 2025By Lee Kyung-min
Weakening Korean won feared to dampen foreign stock investment
Economy

Hana Bank opens branch in Poland amid European market expansion drive

Hana Bank has opened a branch in Wroclaw, Poland, in a move to expand its European business, which already encompasses the U.K., Germany, France, the Netherlands, Hungary and the Czech Republic, the lender said Wednesday. The new branch is expected to coordinate with Hana’s London and Frankfurt branches, strengthening financial services to Korean multinational firms and local businesses in central Europe. “Wroclaw is the largest industrial city in the country and a rising logistics and manufacturing hub,” Hana Bank CEO Lee Ho-seoung said during the new branch opening ceremony on Tuesday (local time). “The opening is a strategic milestone for us. We are committed to serving both Korean and local businesses with trade financing and corporate banking, as well as retail banking.” Poland has increasingly become one of Europe’s most attractive destinations for industrial investment. The country is close to Germany, the Czech Republic and Ukraine, serves as a gateway to Western Europe and is expected to be a future hub for reconstruction efforts in war-torn Eastern Europe. Many Korean

Sep 24, 2025By Lee Kyung-min
Hana Bank opens branch in Poland amid European market expansion drive
Economy

Ex-Kakao CEO stresses value of community for young people

Rim Ji-hoon, former CEO of Kakao and founder of the Jihoon Rim Foundation, said he is glad to enrich communities through scholarships it offers to undergraduate students. The foundation plans to double the scholarship amount to $10,000 (13.9 million won) per student next year from the current $5,000. The scholarship seeks to offer a transformative opportunity for exceptional undergraduate students of Korean heritage. Each year, the foundation selects 20 outstanding students. An annual reunion is held with the recipients to connect them through regional gatherings in cities like New York, Boston and Washington, D.C. “These events create a durable support system for peer mentorship and collaboration,” Rim wrote on his Facebook page. On Sept. 16, Rim hosted a networking event in New York with scholarship recipients. “More than 30 students came to have a meaningful time together. It was incredibly rewarding to see students from different universities gathered in one place, connecting and exchanging ideas. At that moment, I felt proud to see the strong, supportive network I had envisioned

Sep 24, 2025By Lee Kyung-min
Ex-Kakao CEO stresses value of community for young people
Economy

Brokerages face delay in launch of new business amid financial authorities’ reorganization

A growing number of brokerages are facing uncertainty due to delays in approval for key growth driver businesses, caused by a recent reorganization of the two financial regulatory and oversight bodies, market watchers said Tuesday. Advancing the industry-wide pessimism is the failure of bids to launch the fourth internet-only bank a few weeks ago, amid growing disruption in the approval functions of the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). Market watchers said prolonged confusion and organizational restructuring of the two would not only stall progress in capital market players’ innovation-oriented business expansion drive, but also undermine Korea’s standing in the global fintech and capital markets. Central to the drive are the launch of investment management accounts (IMAs) and eased rules on brokerage-issued commercial papers, or notes. The IMA business involves brokerages that manage client funds as a whole, including deposits and other investments. Brokerages say the unified accounts will be managed in the same way that global investme

Sep 23, 2025By Lee Kyung-min
Brokerages face delay in launch of new business amid financial authorities’ reorganization
Economy

Why Samsung, SK hynix shares are soaring

Shares of Samsung Electronics and SK hynix are soaring on the back of strong foreign buying and a global tech boom, market watchers said Monday. The performance reflects a deeper shift in investor sentiment. Information technology (IT) and semiconductor manufacturers’ shares are rallying, buoyed by strong earnings forecasts amid heavy investment into artificial intelligence (AI). The rally of Samsung Electronics in particular will remain strong, underpinned by a Morgan Stanley report recommending overweight, indicating a further price increase in the coming months. The global investment banking powerhouse said the Samsung shares are its top pick, revising its target price to 96,000 won ($69), up from the earlier 86,000 won. The firm said in the latest report that the IT sector will face a “a warm winter,” a notable shift in characterization from five months ago when it said an “iceberg looms.” Samsung Electronics shares tanked to below 50,000 won in November last year from the previous peak of 88,800 won in July that year. The steep two-month fall was triggered by Morgan Stanley

Sep 23, 2025By Lee Kyung-min
Why Samsung, SK hynix shares are soaring
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